explain in Full detail. uapiayeu uelow.jIn 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for$10,000,000. The road was completed in 2023. Information related to the contract is as follows:20212022$3,150,000 $2,475, 0002023Cost incurred during the yearEstimated costs to complete as of year-endBillings during the yearCash collections during the year$2,100,0005,400,0002,150, 0001,875,0002,250,0003,100,0003,100,0004,750,0005,025,000Westgate recognizes revenue over time according to percentage of completion. 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to thecontract. (Do not round intermediate calculations.)Balance Sheet (Partial)20212022Current assets:Accounts receivableConstruction in progressLess. BillingsCosts and profit in excess of billingsCurrent liabilities

Partial balance sheet for 2021 and 2022 : Working notes: Calculation of accounts receivable in…

('Mojag pakorlein In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2021 2022 $3,150,000 $2,475,000 2,250,000 3, 100, 000 3,100,e00 2023 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year $2,100,000 5,400,000 2,150,000 1,875,000 4,750,000 5,025,000 Westgate recognizes revenue over time according to percentage of completion.

('Mojag pakorlein In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2021 2022 $3,150,000 $2,475,000 2,250,000 3, 100, 000 3,100,e00 2023 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year $2,100,000 5,400,000 2,150,000 1,875,000 4,750,000 5,025,000 Westgate recognizes revenue over time according to percentage of completion.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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